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Wanda Commercial Properties (Group) Co., Limited announces acquisition of land use rights and formation of joint venture

Thursday, 27 Feb 2014 03:53am EST 

Wanda Commercial Properties (Group) Co., Limited:Says HK Co, an indirectly subsidiary of the company, succeeded in the bid of the land use rights of the Guilin Land offered for sale by Guilin Gaoxin District Land Bureau at the Auction on Feb. 27 for 337.5 mln yuan.Says it is expected that the HK Co will enter into the Land Use Rights Grant Contract with Guilin Land Bureau on or before March 13.Says the company, Wanda HK and the JV Company entered into the JV Agreement in relation to the Joint Venture to develop the Guilin Land into a Wanda Plaza, which typically comprises commercial and residential properties.Says the total capital commitment to be made by the company and Wanda HK to the JV Company is expected to be, respectively, $91.8 mln and $88.2 mln.The total capital commitment to be made by the Company and Wanda HK under the JV Agreement represents their pro rata equity interest of 51 pct and 49 pct respectively in the JV Company.The company will finance its capital commitment by its internal resources. 

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